More political drama ahead at the 2014 Olympics
More drama at the Games
The Russian Olympics in February will have as much political drama as the last time they were held in Russia. That was 1980—when the U.S. boycotted the Moscow Summer Games in protest of the Soviet invasion of Afghanistan. Now, more than 30 years later, Russia is once again resurgent—trying to retain influence and control in Eastern Europe and the Middle East, as we've seen in Ukraine and Syria. Expect Russian President Vladimir Putin to use the Olympics as a way to demonstrate Russian might.
(More predictions: Don't expect big things from Washington in 2014)
Sanctions lifted in Iran
In the Middle East, the U.S. and Iran reach a final agreement on Tehran's nuclear program and the sanctions are lifted. Foreign oil companies, trading firms and hedge funds are already getting their visas in anticipation of being able to do business in Iran once again.
(More predictions: Buffett's 2014 action plan)
India adjusts to higher interest rates
And finally, India will survive any increase in U.S. interest rates better than most expect. Monetary and fiscal tightening, along with restrictions on gold imports, have cooled import demand. Their current account deficit is down to only 1.2 percent of GDP from 5 percent in the summer.
—By CNBC's Michelle Caruso-Cabrera. Follow her on Twitter